LATEST UPDATE - ACTUAL EXAM 220

Certified Pennsylvania Evaluator Exam (CPE)

LATEST UPDATE - ACTUAL EXAM 220

QUESTIONS AND 100% VERIFIED CORRECT

ANSWERS GUARANTEED A+

1 mill - CORRECT ANSWER: .001 in mills

7 Steps in the appraisal process - CORRECT ANSWER: 1. Define the problem

• identify the scope of work
• preliminary survey and planning
• data collections and analysis
• highest and best use analysis
• application of the date and the approaches to value
• reconciliation

10 mills - CORRECT ANSWER: .010 in mills

30 - CORRECT ANSWER: How many days to file appeal to common please court after

board's decision?

90 - CORRECT ANSWER: Minimum number of class hours to sit for the CPE test

100 mills - CORRECT ANSWER: .100 in mills

acre - CORRECT ANSWER: used in valuation of large industrial sites, shopping

centers, rural properties and agricultural properties

act 28 of 1992 - CORRECT ANSWER: The act the certified assessors

Ad valorem - CORRECT ANSWER: At value.

The ad valorem tax is one which is based on the value of tangible and intangible property.

Ad Valorem - CORRECT ANSWER: Latin for "according to value".

Ad Valorem Taxation - CORRECT ANSWER: Taxes are levied according to the value of the property

Agents of Production - CORRECT ANSWER: 1. Labor

• Management
• Capital
• Land
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All appeals must be heard and decided by what date? - CORRECT ANSWER: October

31st

All notice of appeal decisions must be mailed - CORRECT ANSWER: November 15th

Always compare what to what for sales comparison approach? - CORRECT ANSWER:

Sale to the subject

An appraiser must perform assignments with what? - CORRECT ANSWER: Impartiality, Objectivity and Independence, without accommodation of personal interest

An Assessor is accountable to whom? - CORRECT ANSWER: Himself, taxpayers and

all taxing authorities

Appraisal Process - CORRECT ANSWER: a systematic, logical method of collecting,

analyzing and processing data into an intelligent, well-reasoned value estimate

Approaches to value used exclusively for land - CORRECT ANSWER: market and

income

Article VIII Section 1 - CORRECT ANSWER: This is known as the uniformity clause of the Pennsylvania constitution.Provides that all persons and property (tangible and intangible) be assessed and taxed uniformly as a class.Uniformity!

As assessment office must have which legally required materials readily available and

easily accessible to the public? - CORRECT ANSWER: 1. property record cards

• maps
• Tax duplicates
• alphabetical index

ASB - CORRECT ANSWER: Appraisal Standards Board

assemblage - CORRECT ANSWER: the combining of two or more parcels, usually but

not necessarily contiguous, into one or more ownership or use.Process to create plottage

Assessment X Millage Rate = - CORRECT ANSWER: Taxes to be paid by the taxpayer

Assessment/Sales Price - CORRECT ANSWER: Common Level Ratio

Assessor - CORRECT ANSWER: Any person responsible for the valuation of real

property for ad valorum taxation purposes

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Assessors are charged with the responsibility of administering what? - CORRECT

ANSWER: A uniform and equitable assessment system

Assessors Certification Date - CORRECT ANSWER: November 15th

Base Year - CORRECT ANSWER: The year upon which real property values are based

for the most recent countywide reassessment or other prior year for which the market value of all real estate of the county is based.

Base Year Market Value X Predetermined Ratio= - CORRECT ANSWER: Assessment

Bimodal - CORRECT ANSWER: A dataset that contains two data values that have the

highest frequency

buildable units - CORRECT ANSWER: Used when the market indicates the site sold on a per unit basis.Typically used for parking lots and priced per parking spot Used more prevalent when dealing with improvements such as apartments and hotels.

Bundle of Rights - CORRECT ANSWER: S- Sell

L- Lease U-Use G-Give away E-Enter/leave R-Refuse to do anything

Chattel - CORRECT ANSWER: Personal property not permanently affixed to land

Clean & Green - Act 319 - CORRECT ANSWER: Has two values, Value in Use and

Value in Exchange

Common Level Ratio - CORRECT ANSWER: Weighted sales ratio that examines the

relationship between the assessment and current sales price.The ratio of the current existing assessments to the current validated sales price of properties that have sold. STEB sets this before July 1st.

Comparable sales market approach - CORRECT ANSWER: comparing similar

properties sold in the recent past to the subject property

The four steps in this approach:

• discovering and analyzing the data
• selecting units of comparison
• making adjustments based on the market
• applying those adjustments to the subject
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